Real NEastate: What’s a HUD-1?

Q: I bought my house earlier this year. I’m putting my taxes together early and my accountant said he needs the HUD-1 from settlement. I don’t know what that is and can’t seem to find anything like that in my paperwork. Maybe they didn’t use one. Help!

A: The HUD-1 is the government form used by the title company or lawyer at settlement to document the transaction. It’s a standard form that spells out all the charges to the buyer and the seller, how much money a buyer needs to bring to the table, and how much money a seller will receive, if anything.

Although you were probably just excited to buy your home and you might not remember, rest assured you signed the HUD-1 form at settlement and probably received a copy. By law, no real estate transaction can be completed without a HUD-1, so it should be in your paperwork.

If you can’t find it, just call your agent. He should have a copy. Even if he didn‘t keep a copy in his records, his brokerage did, so he can point you in the right direction. Also, the title company will have a copy on record, as well as the seller’s real estate agent.

Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.

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